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Bank of America Complaint - Bank Of America Would not cash my Fidelity 401k (5k) loan check - Cashing a 401k loan check for 5000.00 Not at BofA
Cashing a 401k loan check for 5000.00 Not at BofA - Complaint
CHATSWORTH, CALIFORNIA -- Today I walked into Bank of America to cash a loan check from my own 401k. At first everything seemed good since I bank with Bank of America already and they could cash my check from Fidelity investments. I did not want to deposit my check because I don't want them to put a hold on my money since I need the money or else I would have kept it in my 401k account
The first teller needed Manager approval so he called her. She looks at the check and noticed that the check had my mother's maiden-my last name on it, I stopped using it in 2006 (legally changed my name).The address and my First and last name all matched but it was a no go. So now I see MR. Mehdi Golmohammadi the tittle says Banking Center Manager II. He looks at the check and looks at me and says who is this, I say its me what do you mean who's this ? So now I'm getting upset. I tell him to close my account and pretty much does no questions or a care from him now we go to the teller and he tells her to give me what I have in my account. I then realize that I can't just close my account because of my payroll direct deposit, it would be in limbo .
So I left but not before telling MR. Golmohammadi that I will return with more proof that the check belonged to me and that he will cash it .
Went home and found a court document stating that I had legally changed my name and headed back to the bank with the proof that he could not deny .
Well went straight for MR. Mehdi Golmohammadi and gave him the proof, he then starts telling me how I should thank him for taking care of my account and not cashing a check that I need, like keeping my own money from me is a good thing.
He says follow me to the teller at the same time telling me that the system still might not let him cash my check. WELL THE SYSTEM PER MR GOLMOHAMMADI WOULD NOT LET HIM GIVE ME CASH .
I had to still deposit my check. I did not want to deposit my check because I don't want them to put a hold on my money !
Well, how do people cash checks ??????????
Mr. Golmahammadi You owe me an apology !
WHY CANT I ? or is Bank of America treating me special ?
The first teller needed Manager approval so he called her. She looks at the check and noticed that the check had my mother's maiden-my last name on it, I stopped using it in 2006 (legally changed my name).The address and my First and last name all matched but it was a no go. So now I see MR. Mehdi Golmohammadi the tittle says Banking Center Manager II. He looks at the check and looks at me and says who is this, I say its me what do you mean who's this ? So now I'm getting upset. I tell him to close my account and pretty much does no questions or a care from him now we go to the teller and he tells her to give me what I have in my account. I then realize that I can't just close my account because of my payroll direct deposit, it would be in limbo .
So I left but not before telling MR. Golmohammadi that I will return with more proof that the check belonged to me and that he will cash it .
Went home and found a court document stating that I had legally changed my name and headed back to the bank with the proof that he could not deny .
Well went straight for MR. Mehdi Golmohammadi and gave him the proof, he then starts telling me how I should thank him for taking care of my account and not cashing a check that I need, like keeping my own money from me is a good thing.
He says follow me to the teller at the same time telling me that the system still might not let him cash my check. WELL THE SYSTEM PER MR GOLMOHAMMADI WOULD NOT LET HIM GIVE ME CASH .
I had to still deposit my check. I did not want to deposit my check because I don't want them to put a hold on my money !
Well, how do people cash checks ??????????
Mr. Golmahammadi You owe me an apology !
WHY CANT I ? or is Bank of America treating me special ?
Comments:
Posted by KenPopcorn on 2009-08-21:
hrm... you don't want them to put a hold on YOUR money, but you want them to give you THEIR money to use while they collect the check. Do you have funds on deposit to cover the check? If not, why would they (or any bank) make you an interest free loan of the money?
Posted by justthefaxx on 2009-08-21:
Cash it at Walmart.
Posted by Ben There on 2009-08-21:
I understand where the manager is coming from. You were trying to cash a check that was not in current legal name. How were they supposed to know that you had changed your name? This is how fraudsters often work... Most of the info matches and there is a story to explain away the differences.
Posted by Eloise on 2009-08-21:
Sorry it just doesn't work that way. The bank must make sure that the check is good before cashing it. My question is why doesn't she want that check to show up as a deposit? Sounds like she is hiding money from someone.
Posted by Chevez on 2009-08-21:
Kenpopcorn ,you make a valid point from the banks point of view .
I am the customer here, I guess I should have asked for cash from my 401k account then it would have worked out lol.
I will take my 5k and take it somewhere else , if thats OK with BofA .
I am the customer here, I guess I should have asked for cash from my 401k account then it would have worked out lol.
I will take my 5k and take it somewhere else , if thats OK with BofA .
Posted by nstigator39 on 2009-08-21:
This bank is absolutly the pitts. They treat their customers like dirt. They are holding a check that my daughter presented to them, from a very well known company worldwide, for ten business days. Yes she does have an account with them and has for years, or with the bank which they took over, LaSalle. She needs her money, they have her check and probably the money now, but she can't get hers, something stinks here, all these complaints are not just people sounding off.
Posted by madconsumer on 2009-08-21:
was there enough of an available balance to cover the check? if not, this is why they would not just cash it.
with my 401k, they have a strict guide line for name changes and such. they almost demand it be changed with them within 30 days of the event. had you changed your name with the 401k, you would not have needed to show proof it was you. but they still wouldn't have cashed it.
with my 401k, they have a strict guide line for name changes and such. they almost demand it be changed with them within 30 days of the event. had you changed your name with the 401k, you would not have needed to show proof it was you. but they still wouldn't have cashed it.
Posted by lessthanzero on 2009-08-21:
I might be the minority here, but, so far, I have never had a problem with BOA, love their on-line bill pay, and I deal with them on a daily basis.
Posted by BokiBean on 2009-08-21:
less, no..you're not in the minority. The vast majority of people never experience problems with their banks, whichever ones they use. But when and if you DO, its how that bank handles it that comes into play.
Like nstigator said, "all these complaints are not just people sounding off". There is meat in the potatoes.
Like nstigator said, "all these complaints are not just people sounding off". There is meat in the potatoes.
Posted by Robf on 2009-08-22:
If you read through your account terms you will find a section in it concerning cashing of checks. What banks will do is place a hold on funds currently available in your account that is equal to the amount of the check they are cashing for you. It works out the same as if you had deposited it. As stated earlier, you probably didn't have enough funds in your account to cover it.
Posted by The_Judge on 2009-08-22:
Off topic a bit......but I've never really understood the have to have funds to cover the check being cashed. Let's say you do have the funds. In this example, 5k. What would stop you from then withdrawing the 5k after the check was cashed? They can't stop you from taking your own money? Just curious.
Posted by sherdy on 2009-08-22:
Putting holds on checks is done everywhere, even credit unions. My dad deposited a large amount into our shared account and the money could not be moved or touched for ten days. OP, you should have planned ahead of time if you needed the money quickly. I don't know why they do it like this, but I'd rather they be safe about it.
Posted by The_Judge on 2009-08-22:
After further review of my own question, I've realized the answer. I should stay off the sauce while posting.
Posted by Chevez on 2009-08-22:
My wife already has her payroll check on hold for a week with them and I wanted to make sure we had cash available .
Well , I don't see any hold's on my 5k this morning and I have it available for me to take out. I guess they did issue me a loan anyway since I'm sure they have not collected the money from Fidelity , some of you had said its normal to have a hold for that amount of money but there is no hold on mine .
I'm still not happy with BofA check cashing rituals that we have to go through .
Well , I don't see any hold's on my 5k this morning and I have it available for me to take out. I guess they did issue me a loan anyway since I'm sure they have not collected the money from Fidelity , some of you had said its normal to have a hold for that amount of money but there is no hold on mine .
I'm still not happy with BofA check cashing rituals that we have to go through .
Posted by Eloise on 2009-08-22:
I'd double check if I were you. I'd hate for you to overdraft,
Posted by Chevez on 2009-08-22:
The customer service rep and the bank manager both told me that they didn't see a hold pending and that I should check my account online in the morning to make sure . My money is now available .
Thanks Eloise , you have a great day !
Thanks Eloise , you have a great day !
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